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THE SITUATION
- An investor client asked Stax to evaluate the market position and growth potential for an employment background screening company. The company conducts a range of background screens for HR departments, including criminal, education/employment, and credit. In addition to assessing macro-level trends in the employment screening industry,
Stax examined company specific customer loyalty and satisfaction, new sales opportunities, customer purchasing criteria, sustainability of the firm’s offshore operations, and the company’s practice of channel player alignment, through partnering with other HR service companies to increase stickiness of overall offerings and solutions.
THE ASSIGNMENT
- We began this work with secondary research to understand general trends in the employment background screening industry and assess market competitors. In addition, we conducted primary phone interviews with select competitors and industry experts,and executed a broad-based web survey among HR managers.
THE FINDING
- At the time the US market for employee background screenings was expected to grow in the low single digits due to an economic rebound in hiring and Stax estimated the specific screening company to benefit from this modest growth.
- The target company performed well on key purchasing criteria, and current customers were satisfied, loyal, and reluctant to switch to another provider.
- In terms of growth, we found strong opportunities to expand sales opportunities into other categories; most customers would consider purchasing additional categories of background checks from the screening company.
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